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Revenue Up at Morningstar

Morningstar Inc., the mutual fund research company planning an initial public offering, said yesterday it had net income of $9.9 million in the first nine months of last year as demand for services increased.

Revenue rose 28 percent to $130.9 million from $102.4 million in the first three quarters of 2003, the company said in a filing with the Securities and Exchange Commission.

The company has an accumulated deficit of $80.6 million and lost money in four of the previous five years, the filing said. In 2003, Morningstar had a $10.8 million net loss. Its only profitable year in the period was 2002, when net income was $446,000.

Morningstar has hired W.R. Hambrecht & Company to conduct an auction-based stock sale.